Wasu climbs on sale of 20% stake
Print Edition
SHENZHEN-LISTED Wasu Media Holding surged by the daily limit of 10 percent yesterday after it agreed to sell a 20 percent stake to Alibaba Group’s founder Jack Ma and Giant Interactive founder Shi Yuzhu for 6.54 billion yuan (US$1.1 billion).
The investment from the two dot-com billionaires will provide the Hangzhou-based cable TV and broadband company with capital and technology to expand and catch up with market leaders LeTV and BesTV, analysts said.
Wasu, which has a national license for Internet TV, will be able to combine latest technologies such as Big Data and cloud computing with its set-top box business.
Wasu will build itself into an “integrated media group” after the investment, it said in a statement.
Shares of Wasu jumped 10 percent to close at 28.09 yuan in Shenzhen, compared with the 0.03 percent rise in the Shenzhen benchmark index.
The stake purchase also reflects Alibaba’s latest move in the media sector under its O2O (online to offline) strategy to buy companies in mapping, social and retail sectors.
Wasu will sell 286.7 million new shares to Ma and Shi’s Hangzhou Yunxi Investment for 22.80 yuan each, according to a filing with the Shenzhen Stock Exchange yesterday.
Liu Ming, analyst at Guoxin Securities, said Ma and Shi’s investment “brings investors imagination on how much they can support Wasu.”
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